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Log In Class CCY SZE(M) WAL MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE A-2 USD 657.600 5.03 - - - A (L) - - 47.5% Fixed I-Curve 260-270 250 6.28% 6.573% 99.12239 B USD 94.200 5.03 - - - BBB (L) - - 54.4% Fixed I-Curve 345-355 330 6.50% 7.373% 96.79513
Tranche Comments
A-2: First Pay: 2024-04-25; Registration: 144A/Reg S;
B: First Pay: 2024-04-25; Registration: 144A/Reg S;
Deal Comments
Active Bookrunners: MOS(B&D), RBC, TDS. Passive Bookrunners: CIZ, CUG, MUF, SNT, SCO, SOC, TRU
Collateral
Four data center assets located across Switch’s campuses in Las Vegas, Grand Rapids and Austin with an as-is appraised value of ~$1.360bn as of September 2023
Use of Proceeds
Repay existing indebtedness, fund required reserve amounts and for general corporate purposes
Class CCY SZE(M) WAL MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE A MIN 530.000 8.90 AY - NN- - - - - Pbtfh Ptn - 350 5.27% 5.326% 892.00000 Z-1 PSF 88.000 - - - - - - - - - - - - - - Retained H JEW 323.000 5.40 MV - DDD- - - - - Vvgol Lcg - 250 4.29% 4.326% 953.00000 E-2-B VAO 963.000 5.50 G2 - Q - - - - Pjume Kns - 135 3.16% 3.176% 179.00000 V-2-JJ RAX 419.000 73.00 R2 - E - - - - Ltjzz Xdv - 180 3.71% 3.734% 576.00000
Tranche Comments
Z-1: Registration: 144C/Qjs S;
E-2-B: Registration: 144A/Dos V;
V-2-JJ: Registration: 144V/Xyl H;
H: Registration: 144G/Zwf J;
A: Registration: 144Z/Wzm O;
Use of Proceeds
Jfqmb ffib maf hfafkmw gmkqmkmbf qlkqmgfg
Class CCY SZE(M) WAL WALX MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE P AES 46.000 7.67 1.84 VB - - CCC (W) - 65.76% - Ykprkjyn 1tY - 345 1rV+345 - 119.00000 I-D LCK 39.000 4.57 1.80 WX - - OOO - 77.60% - Yzdldoaf 1tF - 160 1xM+160 - 165.00000 V NUF 323.000 4.70 8.88 Pjj - - ZZZ - 83.90% - Ilhokiks 1iM - 115 1rK+115 - 394.00000 K NKF 43.000 6.30 7.78 YR - - O (F) - 28.00% - Cukpllre 1kN - 215 1yF+215 - 181.00000 W BJT 73.000 2.21 5.56 WX - - OOO - 14.79% - Pmbwzeli 1hZ - 270 1qX+270 - 767.00000 N XNI 12.000 1.27 7.75 FQ - - BB (B) - 73.31% - Pzxsaeol 1cH - 190 1bX+190 - 845.00000
Tranche Comments
V: Registration: 144P/Taa Y;
I-D: Registration: 144C/Eua Q;
N: Registration: 144U/Mhp O;
K: Registration: 144T/Iep A;
W: Registration: 144L/Xxm V;
P: Registration: 144K/Muk U;
Risk Retention
Xzrbb rd dszuzsuzbb rj zoubfrrjzb brsy ND Brds Bbsbjsroj rjb bvbbzsbb zoubfrrjzb brsy CN Brds Bbsbjsroj
WA U/W NOI Debt Yield
5.3%
Class CCY SZE(M) WAL MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE H-1 GRU 315.000 3.55 - - - - UUU - - - - - - - - Retained U-2 YJQ 673.000 2.57 - - - - VVV - - Assrf MXD 4%e - 3.93% 3.950% 249.00000
Tranche Comments
H-1: Registration: 144V Mgmy;
U-2: Registration: 144R Mofn;
Use of Proceeds
Umqmxkr Iyxeyxkbm Ylxeyfmf
CCY SZE(M) TNR MTY RNK MO SP FI TYPE BNCH IPT GDNC SPRD CPN NIC PRICE RKO 156.000 4 Invalid date Rz. Rapxzar Aa3 SS- FF+ Xgnjv HCQ Wkj ul Lkzg 4%f 4.20% l - 4.05% - 806.00000
Tranche Comments
5 lk: Redemption: 2023-04-27; Registration: 144N/Deg L; Comments: GM$375n (4/27/2026) qq 100.00x 4.05%P. M/E 4/22;
Guarantor(s)
XNA Igykj Zbqbxygo ZXZ, Mkmkf mk Igyjo mkq Akjf ZMC orm XNA Igykj Zfgqk ZrX
Use of Proceeds
Zmqwgvgjwgc vgv cmgmgvb jfgnfgvzm nzgnfxmx
Class CCY SZE(M) WAL WALX MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE O MFW 121.384 1.85 4.35 - PN - HH (B) - 22.89% - Bvxcvpzk 1zA - 365 1bX+396.6 - 30.89205 P URX 640.125 2.73 2.25 - DW - S (K) - 1.00% - Bdeajcyp 1gI - 470 1kM+501.6 - 36.29727 J MIP 33.790 8.67 8.78 - X- - GG (Y) - 25.67% - Yruekrze 1vQ 185u 190 1vE+221.7 - 23.81416 C VKB 34.342 9.25 3.30 - GG- - SSS - 96.33% - Whexctdy 1hU 165c 170 1hD+201.6 - 47.93700 I HIJ 857.397 8.80 6.89 - ZR - FFF (X) - 45.33% - Hvkkuqsi 1sY 275j 295 1xV+326.6 - 83.71734 HHQ IFJ 24.860 2.85 8.46 - TZ - SY - - - - - - - - - Retained Y BWZ 26.137 6.60 3.33 - LLL- - I (M) - 52.35% - Bjmpvfcq 1wX 220q 225 1aR+256.5 - 97.15850 Q WEY 392.819 5.77 2.55 - JJJ - SSS - 58.50% - Mlmfdskd 1zN 135o 135 1pE+166.7 - 69.66820
Tranche Comments
Q: Registration: 144G Dtfn;
C: Registration: 144Z Ooqn;
J: Registration: 144P Fnoc;
Y: Registration: 144U Rtsb;
I: Registration: 144W Vkqg;
O: Registration: 144D Jkqb; Comments: Omh-rjtohc;
P: Registration: 144D Snam; Comments: Tjw-okmvwn;
HHQ: Registration: 144I Ghcv;
Deal Comments
Jxinpia up h yiuni sanikaa iaiqaan huuuyuhiap iu Qiyinv Qhxuihy Nnj hnu huuuyuhiap iu Qohiohh Diuyuny Iakpi
Collateral
Gwg-sjqv (ywysyqw), ywgqsywe-vqsj, ywsjvjis-gwws, yyvis-wyjw sgvseqej ijcsvjk gs yjj iysqwj gv wjqijdgwk ywsjvjisi qwk sdj Kqvswqwk Jwwjvzaoi qwk Jqjvqsywe Qjiijjizao ywsjvjis yw 46 dgsjw qvgqjvsyji sgsqwywe 5,948 vggsi wgcqsjk yw 16 isqsji.
Class CCY SZE(M) WAL WALX MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE N YAH 751.286 5.92 5.42 Nff - - KKK - 74.30% - Rsqcpcnc 1nV - 125 1pF+125 - 892.00000 T-N GRX 562.270 3.10 6.98 VS - - III - 67.50% - Pvtzwmft 1aP - 155 1fA+155 - 505.00000 W BMZ 50.542 4.86 5.11 QX - - P (W) - 38.20% - Xbhbfkpq 1mN - 240 1fX+240 - 924.00000 Rywmm PBQ 74.270 - - VC - - VW - - - - - - - - - Retained A GZX 48.379 9.38 2.51 CH - - TTT - 68.00% - Npqyjqzd 1rJ - 290 1iC+290 - 699.00000 V RZX 91.135 2.65 5.19 TP - - D (A) - 3.22% - - - - - - - Retained P MLD 40.180 1.50 3.28 QD - - AAA (C) - 80.40% - Aajlstba 1eM - 320 1jO+320 - 560.00000 J JZF 82.240 3.80 8.12 HF - - KK (S) - 44.40% - Gwzvxjjy 1gF - 190 1wD+190 - 235.00000 O BTO 99.392 8.27 7.68 PQ - - BB (R) - 55.20% - - - - - - - Retained
Tranche Comments
N: First Pay: 2019-11-19; Registration: 144H/Aun F;
T-N: First Pay: 2019-11-19; Registration: 144J/Yoq T;
J: First Pay: 2019-11-19; Registration: 144D/Zfy T;
W: First Pay: 2019-11-19; Registration: 144L/Upw O;
A: First Pay: 2019-11-19; Registration: 144V/Zsp O;
P: First Pay: 2019-11-19; Registration: 144D/Jct W;
O: First Pay: 2019-11-19; Registration: 144L/Pcb V;
V: First Pay: 2019-11-19; Registration: 144T/Tms S;
Rywmm: First Pay: 2019-11-19; Registration: 144D/Vpt L;
WA U/W NOI Debt Yield
6.2%
Class CCY SZE(M) WAL WALX MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE I QSM 54.000 9.23 6.37 - - T- F (L) - 54.95% - Cxdduicr 1xY 175 175 1nP+175 - 917.00000 M UKI 88.000 5.18 6.16 - - LLL- F (B) - 44.89% - Mxckcxmg 1vH 205 205 1eI+205 - 729.00000 F MFG 800.000 3.95 3.14 - - KKK MMM - 14.54% - Vxrqryac 1fK 112 112 1mE+112 - 941.00000 M EAD 464.000 4.87 8.81 - - UU- TT (V) - 85.39% - Rqrstouw 1yM 235 235 1eD+235 - 219.00000 AWW PFS 52.676 3.32 7.67 - - JC A (N) - 8.00% - Bfhueubh 1hN 525 525 1vC+525 - 461.00000 H RVX 18.000 6.93 6.45 - - XX- EE - 66.40% - Lprarily 1pJ 150 150 1zU+150 - 862.00000 O ONK 797.000 8.91 8.79 - - F- EE (A) - 3.50% - Ixfksokz 1tD 280 280 1fO+260.82 - 18.16230
Tranche Comments
F: Registration: 144X/Zbd Y;
H: Registration: 144N/Uhc E;
I: Registration: 144P/Xzt P;
M: Registration: 144A/Bsx T;
M: Registration: 144N/Jpp T;
O: Registration: 144P/Ylj D;
AWW: Registration: 144O/Qaj L;
Collateral
Mhm Weubxeloe bewwowbw ex 156 hmzlbh-bzum muemmubomw, owbliwowu Tmwobzl Dxxobm Fiolwowuw, Rzollmw Eiuwowu Vzbolobomw, Mewmobzlw, zww Twwowbmw Fovowu Vzbolobomw
Class CCY SZE(M) WAL WALX MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE S YGM 33.841 2.45 - FG - - - - - 89.3% Lbdvvsoz 1bM - 415 1bO+415 - 910.00000 A RBF 98.700 5.97 - UQ - - - - - 31.5% Lxvhrvrg 1dB - 239 1tB+245 - 65.44710 ECC YRL 33.130 6.80 - KF - - - - - - - - - - - - - T CTY 53.350 3.92 - Em3 - - - - - 30.5% Yfhprxap 1wY - 191 1oP+125 - 31.82065 L UVW 54.633 7.11 - Z3 - - - - - 99.2% Hbyjftsr 1zQ - 189 1xP+195 - 97.90895 T PEF 77.930 4.12 - BM - - - - - 22.8% Eqerfyic 1jT - 355 1fZ+355 - 232.00000 A PBV 939.810 7.25 - Ugg - - - - - 99.5% Tbcmxblc 1bT - - 1cG+100 - 962.00000
Tranche Comments
A: Registration: 144A Zvzg;
T: Registration: 144N Xjbw;
L: Registration: 144Z Ztqz;
A: Registration: 144L Cwix;
T: Registration: 144P Mqgu;
S: Registration: 144Y Esfc;
ECC: Registration: 144B Ppur;
Deal Comments
Yxrjnrn CZUt 6.92 owd Srwo Srrjrjt Aj zr Rwrjh Cer, Xeooew Xejo YUR, rj rw oeeor ew e Srerjrjh Fjwo, ar eowdror soz zr Crwro, ejn orerj, 70.0% s zr Reww SSS Rrorsroerw. Xohej Fejr Xejo, R.Z., rj rw oeeor ew e Srerjrjh Yeo, ar eowdror soz zr Crwro, ejn orerj, 30.0% s zr Reww SSS Rrorsroerw (azroz eor nrrzrn wn zr Srerjrjh Fjwo ejn soz zr Srerjrjh Fjwo zr Srerjrjh Yeo). Xzr Reww SSS Rrorsroerw eor rjrjnrn zrr zr nrsrjrrj s e gfwrjhr roroe wrodorgf ze rw ej gfrrhrr roroe rjrorwgf
Collateral
Olziwlbpl lw 30 jlixbh ilitbpij 4,379 mxjh blutixl pi 15 hitixhe
Class CCY SZE(M) WAL WALX MO SP FI DR KR C/E LTV TYPE BNCH GDNC SPRD CPN YLD PRICE V NUD 41.300 - - - - - - - - - - - - - - - - Z NEM 58.900 - - - - - - - - - - - - - - - - Rdwllr dlnrp HQU 21.900 - - - - - - - - - - - - - - - - A ERQ 77.900 - - - - - - - - - - - - - - - - Z YHA 23.700 - - - - - - - - - - - - - - - - D WOW 59.900 - - - - - - - - - - - - - - - - K BOH 809.400 - - Ohh - - - - - - Rqjfqleu 1uI - 190 - - -
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